Unless your bank account is limitless or you think you can give up high-end brand name stores and shopping malls, Hawaii may not be the best place to plan your retirement. There's several reasons why
U.S. News & World Report ranked Honolulu as one of the 10 Worst Cities to Retire in 2013, but there are several drawbacks beyond the cost of living and housing costs. Check out the list below to see how your savings and lifestyle rank up with the retirement plans of Hawaiians.
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- Cost of Living
- The cost of living is very high in Hawaii. The median home will set you back $413,100 and according to MarketWatch, on Maui, the median home prices are more than $900,000. That's just for housing. Should you compare a common United States city's cost of living to Honolulu, you will find that the increase is extravagant. "There are lots of things that are more expensive. Food is more expensive here. Housing tends to be much more expensive than people are used to" says Lesley Brey, a certified financial planner for LJ Brey Inc., in Hawaii. For example Miami is 68 percent less expensive than Honolulu; Los Angeles is 28 percent less expensive than Honolulu; and Washington, D.C., is 29 percent less expensive than Honolulu.
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- Housing Assistance
- If you happen to find yourself in a financial bind, good luck finding a house through housing assistance in Hawaii. Most major cities have an average waiting list time of between two and five years. With the skyrocketing housing prices on the islands, you may want to get your name on the list early if you feel your retirement savings will not last you through the rest of your time.
- Medical Care is Limited -
One of the biggest worries among retirees is the cost and availability of health care. With very little access to specialty doctors on most islands, the cost to find help in serious situations is also high. Most patients in need of immediate treatment will have to be flown to Honolulu, which is another added expense. With the rising cost of Medicaid in Hawaii it is making it much harder for physicians to see patients if they can see them at all. So, if you plan on needing medical assistance on a regular basis, Oahu or Honolulu may be the best options for you, as the two largest hospitals and medical centers are located there.
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